Warning over private housing glut in Johor

The nearly 336,000 private residential properties in the pipeline in Johor state are more than all the private homes currently standing in Singapore.

Monetary Authority of Singapore (MAS) board member Lawrence Wong gave this perspective in Parliament yesterday when he warned that a glut of private residences in Johor could cause a fall in property values.

Most of these residences are in the Iskandar development zone of southern Johor where many Singaporeans have invested in such properties.

In contrast, latest official figures show Singapore has 327,811 private homes. There are another 83,642 in the pipeline, including executive condominiums.

But some Singaporeans are becoming more cautious, said Mr Wong, who is also Minister for Culture, Community and Youth.

The number of Malaysian properties bought through real estate agencies in Singapore fell from 2,609 in 2013 to 838 last year.